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Note 4 - Preferred Stock
9 Months Ended
Sep. 30, 2012
Preferred Stock [Text Block]
4.        Preferred Stock

On July 31, 2012, we repurchased 122.76 shares of our outstanding Series D Perpetual Preferred Stock at their liquidation value of $12.3 million and also paid $7.7 million in accrued dividends related thereto.

As of September 30, 2012 and December 31, 2011, we had 136.45 shares and 259.21 shares, respectively, of Series D Perpetual Preferred Stock outstanding.  The Series D Perpetual Preferred Stock has a face value of $100,000 per share, for a total liquidation value of $13.6 million and $25.9 million as of September 30, 2012 and December 31, 2011, respectively. The Series D Perpetual Preferred Stock had a recorded value of $13.2 million and $24.8 million as of September 30, 2012 and December 31, 2011, respectively.  The difference between the face values and the recorded values was the unaccreted portion of the original issuance discount and issuance cost. Our accrued Series D Perpetual Preferred Stock dividend balances as of September 30, 2012 and December 31, 2011 were $9.0 million and $13.7 million, respectively.

Except for the payment of dividends in connection with the repurchases of shares of our Series D Perpetual Preferred Stock, we did not pay cash dividends on the Series D Perpetual Preferred Stock in any period presented.  In accordance with the terms of the Series D Perpetual Preferred Stock, the dividend rate thereon was at 17.0%  per annum for all periods presented.

On October 9, 2012, we repurchased the remaining 136.45 shares of our then outstanding Series D Perpetual Preferred Stock at their liquidation value of $13.6 million and also paid $9.0 million in accrued dividends related thereto.